Stormy weather, thunder rolling. Siegmund is fleeing from his enemies. Wounded and exhausted he arrives at the house of Hunding and his wife Sieglinde. Sieglinde is at home and takes care of the stranger. She refreshes him with water and persuades him to rest. Together they wait for Hunding’s return.

Scene 2:

Hunding comes home and asks Sieglinde who this stranger is. Sieglinde explains what has happened. As custom demands, Hunding offers Siegfried the hospitality of his house. Hunding asks Siegmund to tell him who he is and how he got here.

Siegmund tells of his childhood, how one day he and his father returned home from hunting, to find his mother murdered, the house burned and his twin sister gone. Taken by the tribe of Neiding. As a pair of wolves he wandered the forest with his father, Wolfe. Until the day Wolfe suddenly disappeared, leaving only an empty wolveskin.

Siegmund calls himself ‘Wehwalt’ and from his tale it becomes clear that the enemies he escaped are relatives of Hunding. Siegmund slayed some of them to protect a woman, who was to be married against her will. Hunding will keep his word of hospitality this night but when the sun rises Siegmund has to fight for his life. Sieglinde prepares Hunding his nightcap and together they leave for the bedroom. Siegmund is left behind in despair.

Scene 3:

Siegmund has lost his weapons in battle. Where now is the sword, promised by his father if ever the need arises. Tomorrow he has to defend himself against Hunding. Suddenly he hears someone, it is Sieglinde. She has drugged Hunding. She tells Siegmund of a sword, stuck in the ashtree in the middle of the house. The sword has been put there by an old Wanderer, when she was married against her will, to Hunding. Only to the strongest of heroes the sword is predestined. Siegmund and Sieglinde recognise themselves in each other and declare their love. After Siegmund tells her that not Wolfe but Wälse is his father's real name, he draws the sword from the tree and names it 'Nothung'. Then he offers, as a bridal gift, the sword to Sieglinde. Sieglinde declares that Wälse is also her father, therefor she is his bride and sister. In supreme exaltation they passionately make love.

Act 2

Scene 1:

Rocky mountain range. Wotan orders his daughter Brünnhilde, to prepare for battle. She has to oversee the coming fight between Siegmund and Hunding, and make sure Siegmund prevails. Siegmund is the son of Wotan and a mortal woman, aim of his existence is to return the Ring to the Rhinedaughters and thus avert the end of the gods, as prophesied by Erda.

As Fricka arrives Brünnhilde quickly departs. Fricka, guardian of holy matrimony, demands the death of Siegmund. Siegmund and Sieglinde are guilty to both adultery and incest, on top of that Siegmund is also Wotan’s illegitimate son. Wotan reluctantly gives in to Fricka.

Scene 2: Wotan is forced to revoke his first command to Brünnhilde, she now must provide triumph to Hunding. Heavyhearted, she proceeds to the battleground.

Scene 3: Siegmund and Sieglinde are on the run for Hunding. As they finally stop to take a rest, Sieglinde falls into a restless sleep.

Scene 4: Brünnhilde appears, she foretells Siegmund his approaching death. He is chosen for Walhall. When he hears however that Sieglinde will not follow him, he’d rather go to Hella. Even the news that Sieglinde expects his child, does not deter him from wanting to take both their lives. Just before he strikes, Brünnhilde prevents him by promising victory to Siegmund.

Scene 5: Hunding and Siegmund find each other and commence the fight. The moment Siegmund, with aid of Brünnhilde, wants to kill Hunding, Wotan intervenes with his spear. Nothung, the sword, breaks in pieces and Hunding stabs Siegmund to death. With Sieglinde and the broken sword Brünnhilde escapes the scene, while Wotan mourns the death of his son. With a contemptuous gesture of his hand, Wotan kills Hunding. Raging with anger he pursues the disobedient Brünnhilde.

Act 3

Scene 1:

The top of a mountainrange. The Valkyries are returning from the battlegrounds with the fallen heroes destined for Walhall. The last to come rushing in, is Brünnhilde with Sieglinde. The Valkyries refuse to protect them against Wotan, they themselves are afraid of Wotan’s wrath.

Sieglinde wants to follow Siegmund in death, until Brünnhilde tells her she is pregnant with his son. Siegfried shall be his name, he who will bring peace through victory. Sieglinde is to flee to a dark corner of the forest, with the pieces of the broken sword, while Brünnhilde awaits Wotan.

Scene 2:

Wotan arrives and orders the Valkyries to present their sister Brünnhilde. Brünnhilde comes forward and asks what penalty she faces. Wotan will take away her godhead and put her into a deep sleep. She will belong to the first man who finds and awakes her. As the Valkyries burst out in lamentations, upon hearing this harsh punishment, Wotan scares them away, threatening them they will share Brünnhilde’s fate.

Scene 3:

Wotan is left alone with his daughter. As his anger slowly abates, he listens to Brünnhilde’s apology. At her request he decides to ignite an enormous bridal fire around the sleeping Brünnhilde. Only the highest of heroes can pass through this fire. Wotan tenderly kisses his favourite daughter asleep. He forces Loge, the god of fire, to surround Brünnhilde’s rock with a ring of fire. Wotan seals the fire with the next pronouncement: 'he who fears my spear, shall never pass through the fire'.